Biosensors Market To Hit $31.5 Billion by 2025

May 8, 2019

U.S. biosensors market accounted for a major share of 81% in 2018 of the overall North America biosensors industry and will witness significant growth during the forecast period. Robust growth can be attributed to growing use of biosensors in the field of drug discovery, environmental testing, agriculture and other sectors. Growing research and development coupled with faster adoption of novel technological products will act as high impacting factor for U.S. biosensors market growth. Furthermore, rapidly rising baby boomer population base along with chronic disease prevalence will augment U.S. biosensors industry growth over the foreseeable future.

China biosensors market is estimated to progress at remarkable pace of more than 9.5% CAGR throughout the forecast period. Significant growth rate is due to growing focus on development of new biosensors by many firms in the country. In addition, increasing burden of elderly population that is prone to suffer from various chronic diseases will considerably contribute to rising demand for biosensors in the foreseeable future.

Non-wearable biosensors market is projected to progress at 6.8% CAGR during the forecast period. Non-wearable biosensors assist in monitoring and measurement of critical parameters that are vital to make important medical decisions. Thus, expanding incidence rate of chronic diseases such as diabetes, cardiovascular disorders, cholesterol and other lifestyle-related disorders will offer lucrative segment growth potential.

Thermal biosensors market held 9.6% revenue share in 2018 and will grow at considerable rate during the forecast period. High accuracy and efficiency possessed by these biosensor devices will drive the adoption rate of thermal biosensors. Thermal biosensors such as glucose meters have many clinical applications and enhance the clinical outcome. Rising use of thermal biosensors for drug discovery as well as growing prevalence of chronic diseases will boost the segmental growth in future.

Global Biosensors Market is set to surpass USD 31.5 billion by 2025; according to a new research report by Global Market Insights, Inc. Technological innovations in biosensor technology is one of the major factors that will positively stimulate adoption of biosensors in the healthcare sector. Increasing applications in diagnosis of various diseases will boost biosensors industry growth. Novel biosensors offer high accuracy in detection of blood glucose, pulse rate and body temperature. Increasing prevalence of chronic diseases among geriatric population and growing preference for point of care testing enabled by biosensors will propel the biosensors industry growth in the upcoming period.

Growing preference for miniature, portable biosensor devices will escalate the demand for biosensors. Such portable devices are preferred more by the elderly patient population that is susceptible to suffer from chronic diseases and require continuous critical monitoring. Portability along with ease of use, small size and multi-analytical capacity aids in escalating customer preference, thereby augmenting biosensors business growth. However, high cost associated with the development of biosensors may restrict the biosensors industry growth during the forecast timeframe.

Blood glucose testing market accounted for the major revenue share of over 71% in 2018 and will continue to dominate the market over the coming years. High growth can be attributed to booming incidence of diabetes and pre-diabetes. As per WHO, the global prevalence of diabetes in adults aged above 18 years was 8.5% in 2014 as compared to 4.7% in 1980. Furthermore, WHO estimated that diabetes will be the seventh leading cause of mortality by 2030. Thus, growing epidemiology of the disease will escalate the demand for blood glucose testing biosensors in the forthcoming period.

Research laboratories end-use segment will foresee momentous 7.8% CAGR over the projected timeframe owing to rising prevalence of chronic diseases requiring quick and precise diagnosis. According to the Australian Institute of Health and Welfare, about one amongst three problems in general practice were related with the most common 8 chronic diseases. Additionally, increasing research regarding development of products for better screening of chronic ailments along with new technology will aid segmental growth over the coming years.

Few of the major industry players operating biosensors market are Bio-Rad International, Abbott Laboratories, Johnson & Johnson, DowDuPont Biosensors Materials, Roche Diagnostics, Siemens Healthcare and Thermo-Fisher Scientific among other market players. Notable industry players are undertaking strategies such as collaborations and acquisitions that have enabled them to gain additional profits. For instance, in June 2017, Roche acquired mySugr GMBH, an Austria based start-up that is engaged in development of app and services for diabetes care. The strategy aimed at expanding Roche’s product portfolio of diabetes care solutions. – PR Newswire